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The global perspective on prime property and investment THE WEALTH REPORT 2017 REPORT THE WEALTH 2017 11th Edition THE WEALTH REPORT THE WEALTH REPORT WELCOME TO The Wealth Report 11th Edition The Wealth eading the 11th edition of The Wealth Report and looking Report 2017 ahead to the rest of 2017, there is no doubt that the world COMMISSIONED BY is at a crossroads. Lord Andrew Hay R As the report enters its second decade, the global milestones of 2017 will include the first year of Donald Trump’s WRITTEN BY Knight Frank Research presidency, the opening overtures of the UK’s Brexit negotiations, pivotal German and French elections and a critical succession DESIGNED BY of power in China. All have the potential to be as far reaching Knight Frank Creative and influential on wealth creation and wealth flows as the global PRINTED BY financial crisis, which defined the first decade Theof Wealth Report. Optichrome In this time of rapid change and volatility, Knight Frank remains independent and committed to matching people and property Knight Frank Sub-editor perfectly, identifying and understanding residential and commercial EDITOR Louise Bell, Sunny Creative property opportunities in key global markets, and working increasingly Andrew Shirley closely with our clients, both new and long standing. To achieve this, we have three unwavering points of focus: GLOBAL HEAD OF RESEARCH Photography Liam Bailey Portraits of Lord Andrew Hay, • Market-leading research, providing our clients with the Liam Bailey and Andrew Shirley deepest insight RESEARCH by John Wright • An industry-leading technology platform, keeping our Gráinne Gilmore Anthony Duggan Calvin Klein Villa by Bruce Weber clients informed and enabling them to transact efficiently Kate Everett-Allen Georgio Armani Yacht by Frederike Helwig • A total commitment to outstanding client service, James Roberts Selected images by Getty delivered by the best professionals. BUSINESS DEVELOPMENT Binding together these strands of our DNA is an ever growing Sarah May-Brown Illustration network. Last year, in response to client demand, we opened a new Benjamin Flouw office in the Philippines and further offices in London, Germany and GROUP HEAD OF MARKETING, the Alps, as well as re-establishing an exceptional team in Shanghai. COMMUNICATIONS AND DIGITAL Infographics Fiona O’Keefe Our new Family Office initiative is driven by our clients’ growing Nicholas Felton emphasis on wealth preservation as much as wealth creation. GLOBAL PUBLICATIONS MANAGER CatalogTree Quiddity Media Holly Harvey Definitions For this audience in particular, this report is essential as it delivers insight and advice not just for the coming year, but for HEAD OF CORPORATE UHNWI the next decade. For those readers who have yet to work with us, COMMUNICATIONS Now Available Ultra-high-net-worth individual View and properties Alice Mitchell The Wealth Report – someone with a net worth of The Wealth Report offers an insight into the thought leadership that from around the world on your device today. over US$30m excluding their underpins the service provided by our transactional, consultancy, HEAD OF RESIDENTIAL PR primary residence investment and valuation teams, based in 413 offices in 60 countries Daisy Ziegler around the world. HNWI CREATIVE DESIGN LEAD High-net-worth individual – I hope that you find the report illuminating and thought provoking. Christopher Agius someone with a net worth of For some, it will raise as many questions and possibilities as it DESIGNER over US$1m excluding their answers. Do please get in touch so that we can help you address primary residence Mia Birchall any requirements or challenges you may have. The Wealth Report will be updated over the coming months as PRIME PROPERTY The most desirable and most we pass through the changing landscape of 2017. It promises to be expensive property in a given a fast-moving year and we would be delighted to work with you to location, generally defined as guide you through it. the top 5% of each market by value. Prime markets often have a significant ALL KNIGHT FRANK CONTACTS: international bias in terms LORD ANDREW HAY [email protected] KnightFrank.com/WealthReport of buyer profile GLOBAL HEAD OF RESIDENTIAL 1 | KNIGHTFRANK.COM THE WEALTH REPORT Contents 04. 29. 61. From the Property Trends Databank GOING UP, GOING DOWN NEIGHBOURHOOD WATCH The numbers behind the trends, Editor This year’s PIRI 100 sees the gap between the top A round-up of the world’s hottest new zones, including all the findings from performers and the rest of the pack growing wider quarters, barrios and ’burbs this year’s Attitudes Survey With thought-provoking contributors, • page 30 • page 36 in-depth analysis and detailed data, The Wealth Report offers a unique HOME COMFORTS MANY HAPPY RETURNS insight into what matters to UHNWIs How many houses, where and why? Why commercial property is The latest prime property purchase trends putting a smile on investors’ faces • page 34 • page 40 FUTURE VIEW A FAMILY AFFAIR The global trends shaping the future Insights from the first ever Knight Frank of the prime property market Family Office Investment Trends survey 06. • page 35 • page 42 The Big RIGHT PLACE, RIGHT TIME With the surge in online shopping comes a wave of opportunities in a new sector: urban logistics Interview • page 44 Eurasia Group’s Ian Bremmer HOT PROPERTY on why an independent America Where’s next? Our guide to the most tops his list of geopolitical risks happening commercial property hubs facing the world in 2017 • page 46 49. 10. Luxury Global Spending Wealth Trends LIQUID ASSETS Trends It’s a good year for wine, according to the Knight Frank Luxury Investment Index UNCERTAINTY RULES • page 50 What next for wealth creation in a post-truth world? ALL PASSION SPENT • page 12 Our brief guide to investing in luxury assets promises more pleasure, less pain NEW HORIZONS • page 54 Our experts predict the next wave of wealth creation hotspots THE EXPERIENCE ECONOMY • page 16 The luxury investments bringing benefits that money simply can’t buy WORLD IN MOTION • page 56 Tracking and regulating wealth flows is moving up the agenda • page 18 BARRIERS AND OPPORTUNITIES From Blockchain to Brexit, the factors driving the movement of wealth and the wealthy • page 20 CITYSCAPE Mapping the cities that matter most to the world’s wealthy • page 22 A QUESTION OF PRIORITIES 68. From private jets to public schools – and making philanthropy count Final word • page 24 Privacy is fast becoming an unattainable luxury, says Liam Bailey 2 | KNIGHTFRANK.COM 3 | KNIGHTFRANK.COM THE WEALTH REPORT From the Editor Bogotá Buenos Aires Mexico City Rio de Janeiro Miami Barcelona São Paulo Madrid Brussels Cape Town Barbados From the editor Abu Dhabi Chicago Houston Geneva Edinburgh Dublin Cannes Dusseldorf Tel Aviv From geopolitical shifts to luxury spending trends, Atlanta Toronto The Wealth Report 2017 brings together the latest Seoul intelligence and the sharpest insights into the issues Dallas New York Munich Seattle Hamburg that matter most to the world’s wealthiest people London Berlin Los Angeles Doha Amsterdam Moscow Rome Vancouver Istanbul Zurich Milan San Francisco Paris Frankfurt Chennai Riyadh Auckland Mumbai Dubai Singapore Sydney Bengaluru Delhi Melbourne Tokyo Hong Kong Phuket Muscat Bali Jakarta Bangkok Washington DC Kuala Lumpur Osaka Manila Ho Chi Minh City Taipei Shanghai Beijing Fuzhou Dalian Guangzhou Nanjing Qingdao Chengdu Hangzhou Tianjin Chongqing Wuhan Shenzhen Xian Wenzhou diting The Wealth Report is always an interesting journey. Ideas that seemed timely when we first sat IN-DEPTH DATA down to plan the content are often overtaken by events E and, much to the chagrin of our long-suffering design Number obsessives should make team, we find ourselves updating articles hours before the print the Databank section (page 61) their deadline to ensure they are as relevant as possible to our readers. first port of call. Our detailed wealth The past 12 months have seen more than their fair share of THOUGHT-PROVOKING distribution data produced by New political and economic upheaval, the implications of which we CONTRIBUTORS UNIQUE UHNWI INSIGHT World Wealth is a vital source of have tried to capture throughout the report. The following is a intelligence for anybody involved with selection of my personal highlights from the 2017 edition that Although The Wealth Report is Our annual Attitudes Survey, which the wealth industry, while information show why I believe The Wealth Report is uniquely placed to keep underpinned by our own expertise, this year is based on responses from like our guide to the world’s most PRIME PROPERTY its readers ahead of the curve in these volatile times. we also like to share thought- almost 900 of the world’s leading popular private jet routes – obtained by MARKET EXPERTISE provoking insights and perspectives private bankers and wealth advisors, crunching literally millions of figures from leading industry commentators lies at the heart of The Wealth Report – gives a fascinating insight into the Although the range and depth of ANDREW SHIRLEY EDITOR, THE WEALTH REPORT and influential UHNWIs – a certain and offers a unique perspective habits of the wealthy. The findings content featured in The Wealth Report Donald J Trump featured in 2008 – on the investment decisions and of our own proprietary research are clearly highlights that Knight Frank and the 2017 edition is no exception. lifestyle choices of the world’s scattered throughout the report. Our understands not just the property A number of our contributors have wealthiest individuals. The survey’s new City Wealth Index on page 22, for needs of its clients, but also their wider THE BIG PICTURE AND THE DETAIL recently published successful books: findings are featured throughout example, reveals the most important interests and aspirations, property in the light of recent events, both the report and are also broken down urban hubs for the wealthy, while the remains the bedrock of the report.
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